Diversified commodity portfolio. Resilient and profitable trading activities. Good cost positions in major industrial operations. Large scale and operational diversity. Cyclical and capital-intensive mining industry. Significant adjusted debt. High working capital needs of trading operations. Potential to generate positive free operating cash flow (FOCF) and deleverage once investment program peak is behind. The stable outlook on Glencore PLC reflects Standard&Poor's Ratings Services' expectation that the company should be able to maintain a Standard&Poor's-adjusted ratio of funds from operations (FFO) to debt comfortably within the 23%-28% range that we see as commensurate with the current rating. It also factors in our expectation of positive FOCF in 2014, rising in 2015, as capital expenditure falls and EBITDA is
